Accurate Crypto Tax Reports In Seconds

Yes, it's crucial to report all crypto transactions. The IRS requires detailed records, including dates, amounts, and counterparties involved. Using KoinX, you can simplify this process, helping you generate accurate reports effortlessly.

Yes, crypto-to-crypto trades are taxable. For example, if you exchange Bitcoin for Ethereum, the Internal Revenue Service (IRS) and tax authorities will count it as the sale of Bitcoin at the market price. Each trade should be reported, and you may incur capital gains or losses based on the cryptocurrencies' value.

Cryptocurrency exchanges issue a 1099 form to any customers who earn more than $10 in interest throughout a financial year. Reporting this income to the IRS to maintain compliance accurately is essential.

Yes, all crypto transactions, including those with international exchanges, must be reported to the IRS.

Crypto tax rates in the US depend on income and holding period. Short-term gains are taxed at ordinary income rates of 10-37%. Long-term gains are subject to preferential rates of 0-20% based on income. Crypto received as income is subject to regular income tax rates.

While there’s no legal way to avoid crypto taxes, strategies like tax-loss harvesting can help you save a few dollars on your tax bill.